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Financing a Saint Joseph’s University Education

Financing a Saint Joseph’s University Education. Walk with a A Hawk Day Presented by: Liz Rihl Lewinsky, Director of Financial Aid. Presentation Overview. Financial Aid 101—the Basics The FAFSA and the EFC Special Circumstances Sources of Aid Financing Alternatives

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Financing a Saint Joseph’s University Education

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  1. Financing a Saint Joseph’s University Education Walk with a A Hawk Day Presented by: Liz Rihl Lewinsky, Director of Financial Aid

  2. PresentationOverview • Financial Aid 101—the Basics • The FAFSA and the EFC • Special Circumstances • Sources of Aid • Financing Alternatives • Billing & Payments

  3. Why a College Education Matters

  4. Return on Investment @ SJU 87% of 2018 Graduates participated in at least one semester-long experiential learning program. 97% of SJU’s class of 2018 was employed, pursuing graduate study and/or serving in volunteer program or military within six months of graduation.

  5. What is Financial Aid? Financial Aid = Assistance for students to fund their education in the form of: • Grants • Scholarships • Loans • Employment

  6. Sources of Funding • Saint Joseph’s University=largest source of funding for our students: More than $87 million in SJU grants and/or scholarships awarded to FT undergraduates this current academic year (compared to $2.8 million in federal grants and $1.6 million in state grants)

  7. Merit-Based Aid vs. Need-Based Aid Merit-Based Grants & Scholarships =aid given to students strictly on the basis of merit. May be based on: • Academic record • Special characteristics • Skills or talents • Involvement - Does not have to be repaid; usually renewable from year to year. Need-BasedAid = aid awarded to students on the basis of financial need. Re-evaluated each year as financial situations may change.

  8. What is the FAFSA? • FAFSA = Free Application for Federal Student Aid • 2019-2020 FAFSA available at https://fafsa.gov • Application for federal and state aid (may also be application for college aid as well-varies by school) • Parent/Student Sections • File one FAFSA per year per student (not one per college) • List up to 10 colleges—Title IV Code or school name; schools receive info. electronically • Based on 2017 or “prior-prioryear” income.

  9. What is the FAFSA? • Parent and student applying for aid each apply for an FSA ID at https://fsaid.ed.gov • Use FSA ID to submit add’l. information, make corrections online at https://fafsa.gov and file future renewal FAFSA’s more quickly! • Use the IRS Data Retrieval Tool when filing FAFSA • Retrieves tax figures right from your tax information in IRS database • The FAFSA has gone mobile! (In App store, search for myStudentAidor FAFSA).

  10. FAFSA Dependency Status • Dependent:parental & student financial data required • Independent:student & spouse financial data required • Student must meet one of following criteria to be considered independent: • Be 24 years of age or older (for 2019-20 FAFSA, born before Jan. 1, 1996) • Be veteran of the U.S. Armed Forces • Be enrolled in a graduate or professional program • Be married • If before age 18, both parents were deceased, or in foster care or dependent/ward of court • Have legal dependents that student provides at least 50% support for • Be an emancipated minor or an unaccompanied youth who is a homeless child or youth • Are, or were, in legal guardianship as determined by a court in your state of legal residence • Divorced/separated situations: Complete form using financial info. of custodial parent (and his/her current spouse if re-married) • Same-sex legally married couples list income for both parents.

  11. Financial Need Cost of Attendance - Expected Family Contribution =Financial Need • Cost of Attendance typically includes tuition, fees, room & board, books & supplies, personal expenses and a transportation allowance. • Health insurance can be purchased through University ($1,825 fee for 2018-2019); students not purchasing must opt out online. • 2019-2020 costs likely announced in March.

  12. What is the EFC • Basis of financial aid package • EFC=determined by a federal formula that calculates need via the FAFSA • EFC & Financial Need are guidelines used by schools to determine aid package • EFC not necessarily = to out-of-pocket cost of family

  13. Primary Factors Used to Calculate EFC • Taxable Income: Adjusted Gross Income • Untaxed income & benefits • Number in family • Number of dependent children in college • Assets • includes cash/savings, value of other real estate and investments, 529 plans for all dependents • excludes value of primary home, retirement plans (IRA’s, Keogh, 401K’s), life insurance policies • Education Savings & Asset protection allowance acc. to age* -example: Oldest Parent’s Age = 50, $12,500 of assets protected if married*. • 12% of parents assets counted toward EFC • 20% of student’s assets counted *Based on 2019-20 FAFSA, parent age as of 12/31/19.

  14. Special Circumstances • Complete a Special Circumstance Appeal Form (see www.sju.edu/admittedfinance, under “Next Steps…for Admitted Students” click “Learn More” button, then “Special Financial Circumstance Consideration Process”). • Admitted Students must log into SJU Admission Account in order to access the form. • Requests reviewed beginning mid-March. Response sent via email, typically, within 2-3 weeks, and definitely prior to May 1st.

  15. Frequent FAFSA Errors • Social Security numbers / Date of Birth • Income earned by parents/step-parents • Untaxed income or U.S. income tax paid • Missing signatures • Do not list parent income under student income • Real Estate and investment net worth (do not include retirement plans or rollovers)

  16. FAFSA Verification • About 30% of all FAFSA filers are selected for the verification process to check the accuracy of the FAFSA information. • If selected, will receive separate notification. • Steps to complete verification: • Submit 2019–2020 Verification Form • Use IRS data retrieval (without any changes on FAFSA) OR • 2017 Federal Tax Return Transcript (request from IRS via GetTranscript option at www.irs.gov)

  17. HELP! Sources of Aid • Saint Joseph’s University • Federal Aid • State Aid • Outside Organizations • Civic organizations (ex.-local Rotary Club, parent’s employer, high school)

  18. Saint Joseph’s University Aid • General merit scholarships range from $10,000-$22,500/year (some full tuition Dean’s Scholarships) • Apply for admission for consideration. • Notification arrives with acceptance offer. • Renewable for up to 8 semesters provided student remains full-time/meets specific GPA requirement (general range 2.75-3.2). • SJU merit scholarships can only be used toward tuition costs. • Select “special” scholarships require separate applications. See https://www.sju.edu/admission/undergraduate/scholarships for a full listing of SJU scholarships, criteria and application instructions. • Decisions for special scholarships: Mid-March • For SJU need-based grant consideration, must submit FAFSA each year.

  19. Federal Aid • Must: • Be a U.S. citizen or eligible non-citizen • Have H.S. diploma or equivalent (GED) • Be registered with Selective Service if a male between ages of 18 and 25 • Pell Grant(need-based): • $6,195 max grant/year in 2019-2020 • EFC of $5,576 or less

  20. Federal Aid • Loans funded directly through the U.S. Department of Education via Federal Direct Loan Program. • Federal Direct Stafford Loan: • In student’s name/no credit check • Available to all students, regardless of need • Repayment begins 6 months following graduation or withdrawal • Standard 10 year repayment period • Current “Variable-Fixed” interest rate of 5.05% on Stafford Loans for undergraduates; will be reset July 1, 2019 • 1.062% origination fee deducted by government

  21. Federal Aid Federal Direct Subsidized vs. Unsubsidized Stafford Loan • Subsidized • Based on financial need • Govt. pays interest on loan while student is enrolled • Unsubsidized • Available to ALL students, regardless of need • Interest paid quarterly or capitalized upon repayment Base Stafford amount caps by grade level - $3,500 freshmen year - $4,500 sophomore year - $5,500 junior/senior year • All dependent and independent undergraduates permitted to borrow an extra $2,000 Unsubsidized Stafford Loan in addition to base amount indicated above. • Total annual eligibility: - freshmen: $5,500 - sophomore: $6,500 - junior & senior years: $7,500 • Add’l. unsubsidized available to independent students and dependent students whose parent(s) are denied on the PLUS Loan due to credit

  22. Federal Aid Federal Direct Plus Loan(Parent Loan for Dependents) • Parent is borrower • Current “Variable-Fixed” interest rate = 7.6% • Repayment typically begins within 60 days of 2nd disbursement being made • Parents can defer for up to 4 years • Minimal credit check required • 4.264% origination fee charged by government • Unsubsidized (interest accrues from date of disbursement) • Borrow up to cost of attendance minus other financial aid student is receiving

  23. Federal Campus-Based Aid SEOG Grant: • Awarded to those with exceptional need - $1,000/year generally • Must be Pell eligible Federal Work Study: • Based on financial need (FAFSA info.) • Not deducted from tuition bill • Variety of positions available; jobs not guaranteed • Paid bi-weekly for hours worked ($8.00/hour to start) • Students apply for positions directly through Career Development Center website • More information sent in July to deposited students *Schools receive limited Campus-Based Aid Funds for each type of award for those with greatest financial need; may receive at one institution and not another

  24. State Aid PHEAA Pennsylvania State Grant(for PA Residents): Est. $3,233 max award for 2019-2020 for students attending a PA school • Eligibility based on the family’s EFC • Maximum eligibility that can travel out of state is approx. $500, many states it is less than that—some states it’s $0 • Student must file FAFSA by May 1 for upcoming fall term • Link to PA State Grant Form directly from FAFSA • Student must go online to www.pheaa.org to view status notice beginning mid-May

  25. State Aid • Non-PA Residents: • View state aid deadlines@fafsa.gov • States that transfer their state grant $ to PA schools: DE, Washington D.C., MA, OH, WV, VT

  26. Outside Sources of Aid • Private sources of scholarship funds include: • Service/Fraternal Organizations, Employers/Businesses, Churches/Religious Groups • Sources of Information • Guidance Office • Internet: www.Scholarships.comwww.FastWeb.com www.zinch.comwww.myscholly.comwww.bigfuture.org • If outside scholarship received, send copy of award notification to Financial Aid Office

  27. Next Steps: Application Deadlines: visit – sju.edu/apply

  28. Financing Options • Interest-freepayment planthrough TMS • Budget any portion of out-of-pocket cost over 3, 4 or 5 equal monthly payments • $35 registration fee • www.afford.com/sju or call 1-800-722-4867 • Federal Direct ParentPLUS Loan • Alternative Student Loans • Students are primary borrower; Credit-worthy cosigner typically required • Variable interest rate (based on PRIME or LIBOR); $0 origination fees • Deferred minimally 6 months following graduation • Can borrow up to the annual cost of attendance minus other aid • ELMSelect comparison tool: https://www.elmselect.com • Visit sju.edu/admittedfinance for more info. Apply for PLUS, Private Loans by June 15th if possible!

  29. Payment Plan Options

  30. Billing & Payments Billing Information • Bill notifications are sent each semester electronically to the student’s SJU email account and parent(s)’ email if access was assigned. • Financial Aid is divided evenly between the two semesters. • Aid remains in the Pending status on the billing statement until after the add/drop period • Fall billing notifications will be available in early July and Fall Tuition is due August 15th. Note: Admissions deposit credited toward initial bill (for residential students: $375 deposit Credit on current bill- $125 security deposit returned after last semester.) • Housing selections occurs mid-July • Course registrations are done at orientation • Course fees will be on the bill if registered for classes • Housing & meal plan updates will occur in August

  31. Co-Op/Financial Aid • Receive 8 semesters of SJU financial aid (during semesters they are attending class full-time). • Federal aid is generally divided fall/spring (exception: Pell-eligible students may be able to receive Pell in summer if student is taking minimum of 6 credits). • Can use Parent PLUS Loan and private loans in co-op terms as well, if enrolled for at least 6 credits.

  32. Grad Guard • Tuition Insurance offered through outside, third party vendor • Protection/coverage for tuition, fees and room and board paid in case of withdrawal • Provides a refund in event student withdraws mid-term, due to a covered reason: 1) Serious illness or injury 2) Psychological condition 3) Chronic illness • Visit www.gradguard.com for more information/to get a quote

  33. Veterans & Military Benefits • SJU is Yellow Ribbon Participating School • Family has to contact their VA representative for benefit information • Submit to Financial Aid Office “Certificate of Eligibility” –finaid@sju.edu • http://www.sju.edu/int/resources/srfs/veterans.html

  34. Financial Aid POC • Prior to orientation, admissions counselor serves as your financial aid counselor. • Aftersummer orientation, direct financial aid & financing options questions to Office of Financial Aid staff. • BarbelinHall - Room 121 • Hours: M/T/Th/F: 9:00-5:00 p.m. Wednesdays: 10:30-5:00 p.m. • finaid@sju.edu p: 610-660-2500 • www.sju.edu/finaidoffice

  35. Sharing of Information • What is FERPA? – Family Education Rights and Privacy Act (1974) The Family Educational Rights and Privacy Act of 1974 helps protect the privacy of student education records. The Act provides eligible students the right to inspect and review educational records, the right to seek to amend those records and to limit disclosure of information from the records. The intent of the legislation is to protect the rights of students and to ensure the privacy and accuracy of education records. The Act applies to all institutions that are the recipients of federal aid administered by the Secretary of Education.

  36. Can I Access My Student’s Information? •Student can grant access to discuss: -Financial Aid -Billing -Student Records • How can I access the student e-bill? -Student can assign access to the billing account • You may chose to receive email communications Access assigned via “The Nest” (student portal-deposited students granted access in mid-April)

  37. Accessing Student Information

  38. Accessing Student Information www.SJU.Afford.com

  39. Questions? Presentation can be found at www.sju.edu/finaidoffice(see Financial Aid News)

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